After the hike on Tuesday, the total increase in petrol prices is around Rs 2.50 per litre, while for diesel it has crossed Rs 3 per litre in the last one month.

The rupee-dollar exchange rate has dropped to an all-time low of Rs 71.42 to a dollar on August 31.

This takes the worldwide price of crude oil and the value of the rand against the dollar into account. In Mumbaipetrol touched Rs 86.56 per litre while diesel increased to Rs 75.54 per litre, after a hike of Rs 0.44 per litre.

In Mumbai, the price of petrol is Rs 86.72/litre while diesel is being sold at Rs 75.74/litre.

Despite the euro remaining strong against the dollar, it could not stop fuel from rising.

"Due to the high dependence on imports of crude oil to meet domestic consumption, an increase in crude oil prices increases the current account deficit which is weighing down on the Rupee", it added. Addressing a press conference, the Andhra Pradesh chief minister said that in addition to petrol prices, the rupee value would also touch Rs 100 against one United States dollar.

Brazil electoral court bars Lula from presidential race
A former metalworker and union leader, he rose through the political ranks to serve two terms as president between 2003 and 2011. With da Silva barred, former Sao Paulo Mayor Fernando Haddad is seen as his party's likely candidate for the presidency.

The government has been under vast pressure to cut excise duty on petrol and diesel to bring the prices of fuel oil down. "The dual impact of rising oil prices and depreciating Rupee does not auger well for PSU (public sector unit) oil and gas companies as it will increase their regulatory risks", it said.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre. The Centre now levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel.

Union minister of Petroleum and Natural Gas, Dharmendra Pradhan, blamed the "isolated" policies of the U.S. for the "abnormally" rising fuel prices in the country. "I would like to mention two points, and both these subjects are external. Secondly, global currencies have weakened against the U.S. dollar", he had said. There is a pressure on oil prices due to decrease in production.

Full-size Lego Bugatti Chiron is driveable!
This is a 1:1-scale Bugatti Chiron built from Lego's standard pieces with a few special bits in there to ensure functionality. Those attending the Grand Prix Formula 1 event in Monza, Italy today will be able to see the mind-blowing creation in person.

"Dear Modiji, please show some kindness on a festival day.Your jumlas are not taxed, but when will you reduce the tax on petrol-diesel?"

Comments

Latest Posts

Nafta betrayal casts a gloomy mood over Canada trade deal
The comment came a day after Trump and Mexican President Enrique Peña Nieto held a celebratory call to announce the new deal. Freeland said Canada was "extremely involved" in the progress that was made between the USA and Mexico over the summer.

Trump rips Sessions for hurting GOP in midterms
Mr Trump suggested Mr Sessions could lose his job in July previous year when he said "time will tell" what happens to him. Sen Jeff Flake (R-Ariz.) tweeted that Trump was "looking to use the Department of Justice to settle political scores".

Samsung Note 9 Has Officially Forgotten Note 7
If there is indeed an iPhone X Plus on the horizon, it will easily be the best competitor to the Galaxy Note yet. In the two years since the Note 7 disaster, we've had no similar incidents involving Samsung devices.

Cleveland adds third baseman Josh Donaldson
For his efforts, Donaldson was chosen the AL's most valuable player, just the second player in franchise history to get the award. The three-time All-Star last suited up for Toronto on May 28, missing the last three months with a strained left calf muscle.

Raiders and Khalil Mack ‘essentially nowhere’ in contract talks
But the Raiders on Saturday agreed to trade the 27-year-old to the Chicago Bears , ESPN's Adam Schefter reported, citing sources. The Chicago Bears are expected to pull off a whopper of a trade the likes of which the team hasn't seen in about a decade.

Bound Greyhound bus crashes in New Mexico, at least 7 dead
Wilson said the National Transportation Safety Board will send a team to investigate along with the State Police traffic unit. The driver lost control of the vehicle , which crossed the median and struck the westbound bus, Wilson told reporters.

Trump attacks union leader on Labor Day
Philip Levy, senior fellow at the Chicago Council on Global Affairs and a White House economist under President George W. Ujczo said the "real test" of the president's trade policy lies not with Trump but rather with his base of support.

Eminem Drops Surprise Album 'Kamikaze'
When he makes fun of mumble rappers like Lil Yachty and mocks their flow, it feels like just a bit of The Real Slim Shady is back. Across 13 tracks the Detroit rapper hits out on everyone from Donald Trump to Harvey Weinstein and Tyler, the Creator .